Connect with us

Don't Miss

Ripple’s XRP is not only useful. It’s also green

Published

on

XRP
READ LATER - DOWNLOAD THIS POST AS PDF

Most people don’t stop to think how green cryptocurrencies are. It’s more or less natural because coins that exist only as bits on the internet do not suggest any kind of obvious ecological impact in the real world. Before we talk about Ripple’s XRP, let’s take Bitcoin, mother of all coins, as an example. Is it green?

It uses more than $300,000 USD of electricity daily. According to some estimations, Bitcoin is burning as much energy as Ireland every year, and that’s just one-third of the whole cryptosphere. How does that happen?

Creating blocks for Bitcoin’s blockchain needs solving a complex mathematical problem called SHA-256 collision. This problem is so complex that normal personal computers can’t manage it fast enough to support the network. That’s why most serious miners use custom hardware to do this calculation. The computation is very processor-intensive, and that takes energy. A lot of energy. Every mining machine is at 100% every day, of every week, of every month.

That’s not everything. As time goes by, Bitcoin’s protocol is designed to do two things: to increase the SHA-256 calculation level of difficulty and to produce half as many coins per block. In the beginning, every new block produced 50 new bitcoins.

After two halvings in 9 years, blocks produce 12.5 coins right now and by May 2020, the number will go down to 6.25. If you put both things together, it means that as Bitcoin gets older, it takes a lot more energy to produce fewer and fewer blocks and coins. And the network is already sucking a huge amount of energy.

The idea behind the protocol is to ensure that bitcoins are not only limited but also scarce so that there is no inflationary pressure on the token.

Is it worth it, though? Well, it depends. From the point of view of keeping the Bitcoin network going, it’s 100% worth it. But if you’re a miner you need to profit from your activity and that depends greatly on the token’s price. According to some estimations, it takes $7,000.00 worth of electricity to produce a single Bitcoin, but that fluctuates widely depending on the country you live in because the cost of power is very different everywhere. But at Bitcoin’s current price (just above $4k), many miners around the world are taking losses. At least until the price goes over $7,000 again.

All this begs a question, can Bitcoin really become the future’s currency if it’s not green? And, if not, what other options do we have?

There’s good news in this regard. We have the blockchain 3.0. In many of these projects all tokens were pre-mined before they entered the market so the energy expenditure is not as high because it used just to keep the network’s nodes online; also because block production in these new blockchains is nowhere near as complex as it is in Bitcoin.

The poster boy currency when it comes to being green is probably Ripple because its consensus mechanism is relatively light and all the XRP tokens are in existence already. And this is not an “exotic” currency. Currently, it’s the world’s second coin by market capitalization and some bold observers believe that it’s the only coin that really has a chance to give Bitcoin a run for its money sometime in the future.

So you want to be in the cryptosphere and take care of your planet at the same time? Then Ripple’s XRP is a good option.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

Don't Miss

CoinField Launches Sologenic Initial Exchange Offering

Published

on

Sologenic
READ LATER - DOWNLOAD THIS POST AS PDF

CoinField has started its Sologenic IEO, which is the first project to utilize the XRP Ledger for tokenizing stocks and ETFs. The sale will last for one week and will officially end on February 25, 2020, before SOLO trading begins on the platform.  Sologenic’s native token SOLO is being offered at 0.25 USDT during the IEO.   

Earlier this month, Sologenic released the very first decentralized wallet app for SOLO, XRP, and tokenized assets to support the Sologenic ecosystem. The app is available for mobile and desktop via the Apple Store and Google Play.  The desktop version is available for Windows and Mac.

“By connecting the traditional financial markets with crypto, Sologenic will bring a significant volume to the crypto markets. The role of the Sologenic ecosystem is to facilitate the trading of a wide range of asset classes such as stocks, ETFs, and precious metals using blockchain technology. Sologenic is an ecosystem where users can tokenize, trade, and spend these digital assets using SOLO cards in real-time. The ultimate goal is to make Sologenic as decentralized as possible, where CoinField’s role will be only limited…

Continue Reading

Don't Miss

Many of the Top Sports Betting Websites for 2020 Can Be Found On Boomtown’s Best Betting Page

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Sports betting is one of the widely known types of online gambling. With a large number of sports fans around the world, this type of gambling is one of the most sought after. The problem usually comes from when gamblers try to find the best sites out of the many available ones. Many new sports betting sites come up daily, thus making the selection process even harder. One of the best places to find top betting websites for sports is Boomtown Bingo. This platform doesn’t just give users the best online casino games websites, but they also cover sports betting. As such, boomtown bingo remains a one-stop-shop for everyone who needs the best and the latest online gambling and gaming sites for all types of devices.

Performance

The performance of any website is critical. Users need to find their way around the site easily, and that can be made possible with the site structure and arrangement. Loading time is also essential. A website that always hangs thus pushing the user to refresh every time is no good. These are some of the factors that Boomtown Bingo looks into when selecting the best sites for its users. You can be sure that the new sports betting websites listed on Boomtown’s platform have faster loading time, can be used easily by everyone,…

Continue Reading

Don't Miss

What Prevents Crypto from Becoming the Top Payment Method

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

As globalization spreads over the planet, the need for fast and cheap cross-border money transfers is growing rapidly. Cryptocurrency provides exactly that kind of transfers with the added benefits of security and lack of centralization. However, despite being what seems like the perfect solution to the global money transfer problem, crypto has yet to become a major player in the currency arena. It’s growing in popularity, that’s for sure. But that rate isn’t even close to what’s needed for crypto to become a recognized and universally accepted payment method.

The question is why?

There can be no doubt that the need for what cryptocurrency can offer is huge. It’s most obvious when considering the situation of migrant workers, who are also growing in number due to globalization. The amount of remittances in the world has risen to over $530 billion a year. However, the high cost of these transfers is such a concern that the UN launched a program dedicated to reducing those numbers to, at least, 3% by 2030.

One doesn’t need a degree in economy and finances to see what kind of difference cryptocurrency could make for this situation alone. At the moment, migrant workers are losing about $25 billion in money transfer fees. There are still some remittance…

Continue Reading

Press Release